- Explain Asset Accounting (FI-AA). …
- What is a Lean Implementation in FI-AA? …
- What are the kinds of Assets in SAP? …
- Explain Complex Assets and Asset Sub numbers. …
- What is Group asset in SAP? …
- What is Asset Super Number in SAP? …
- What is a Chart of Depreciation?
SAP FICO Interview Question Answers | Asset Accounting Interview Question Answers in SAPFICO
Explain the term SAP FICO?
SAP FICO stands for FI ( Financial Accounting) and CO (controlling). In SAP FICO, SAP FI take cares about accounting, preparation of financial statements, tax computations etc, while SAP CO take cares of inter orders, cost sheet, inventory sheet, cost allocations etc. It is the software that stores data, and also computes them and retrieves the result based on the current marketing scenario. SAP FICO prevents data lost and also does the verification and reporting of data.
What are the other modules to which ‘Financial Accounting’ is integrated?
The other modules to which ‘Financial Accounting’ is integrated are
a) Sales and Distribution b) Material Management c) Human Resource d) Production Planning e) Controlling of financial transaction
Answer: Start the reconciliation reports mentioned above to determine the amount of a possible difference. In RAABST01, the system displays the corresponding account. By using RACKONTO, you can find out to which account determination the account is assigned. After that, start the asset history sheet with the selection of the account determination and the posted values. Reconcile the values of the general ledger account with these values. If there is a difference, execute the asset history sheet for the previous year as well. If the closing balance of the previous year differs from the opening balance of the current year, the fiscal year change should be repeated. If the opening and closing balances still differ after you repeat the fiscal year change, you should check whether a fixed asset exists without original acquisition information (for more information, see Note 3258). If the difference already occurred in previous years, you must check whether the difference was already generated by the legacy data transfer (account balance at time of legacy data transfer differs from the values of the asset history sheet at the time of the legacy data transfer). As a result, you must carry out a write-off as described in Note 69225.
Answer: To compare the values of Asset Accounting with those of the general ledger, you can execute, among other things, the asset history sheet with posted values (restricted to an account determination). Then, you must reconcile these values with the values of the corresponding general ledger account in the respective period.
Answer: There are several reports that you can use for reconciliation in Asset Accounting. You can use RAABST01 to analyze reconciliation problems between the value update in Asset Accounting and the account update in the general ledger (with reference to a certain account). For more information, see Note 113670. RAABST02 selects the asset totals records (ANLC), summarizes the values at G/L account level and the business area level and writes these totaled values to the EWUFIAASUM table. This table is read and the values are reconciled with the general ledger accounts. Read the online documentation for both programs. You can use all additional reports (for example RAGITT01, RABEST01, RAZUGA01, etc.) to evaluate asset values.
Answer:You can use RAABST01 for a reconciliation of the new general ledger and FI-AA. To do this, you must have imported ECC 5.0, Support Package 01, or you must have implemented Note 752329. You can use RAABST02 for a reconciliation of the new general ledger and FI-AA. To do this, you must have imported ECC 5.0, Support Package 14 or ECC 6.0, Support Package 07. This function is not available for lower releases as well as lower Support Packages. For more information, see note 897388. Recommended Posts:
[1] Question: What reports can you use for reconciliation in Asset Accounting? [2] Question: How do you compare the values of the asset history sheet (RAGITT01) with the values of the account? [3] Question: How do you determine a difference between FI and FI-AA? [4] Question: What reports can you use for reconciliation in the new general ledger in FI-AA?
Q.2 What are the baseline method and decline balance method?
Ans:Baseline method is a straight-line depreciation method. The depreciation is calculated based on a defined percentage or life of the asset, which must be maintained in the asset master.
It can be calculated by subtracting an assets cost and its expected salvage value and then dividing by the number of years it is expected to be used.
For example, the acquisition value of an asset is Rs. 10,000, and the life of the purchase is maintained as 20 years. Therefore, the system will calculate depreciation @ Rs. 500 every year for 20 years.
The declining balance method is also referred to as the written down value method. This is because we record significant depreciation expenses in the initial years of an assets life and more negligible depreciation during later years of an assets life in this method.
It can be calculated by multiplying an assets book value and its rate of depreciation. For example, if a 10% declining balance method is chosen, the depreciation will be calculated @ Rs in the first year. 2,000. In the second year, the base for the calculation of depreciation will be Rs. 18,000 and depreciation will be Rs. 1,800.
FAQ
How do I prepare for SAP FICO interview?
How do you stop depreciation of an asset in SAP?
- 1) Explain the term SAP FICO? …
- 2) What are the other modules to which ‘Financial Accounting’ is integrated? …
- 3) In SAP FI what are the organizational elements? …
- 4) Explain what is posting key and what does it control? …
- 5) What is the company code in SAP?
How do I get rid of Planned depreciation in SAP?
